Nigerian president refuses to approve USD1 billion for steel plant
2019-04-04 16:54:05 [Print]
Nigerian president Muhammadu Buhari declined to approve a proposed USD1 billion fund for Ajaokuta Steel, a moribund steel plant, saying it "is not the best strategic option for the nation".
In June 2018, lawmakers sought to fund expenditure for Ajaokuta Steel from oil savings, known as the Excess Crude Account, to enable the state to retain the ownership of the steel plant. However, Buhari plans to sell the plant.
"The nation cannot afford to commit such an amount in the midst of competing priorities" and budgetary constraints, Buhari said in a March 19 letter to lawmakers that was read in parliament Tuesday.
According to Buhari, who secured a second four-year term in February, any proposed funding for the steel plant should be sought via the national budget.
In June 2018, lawmakers sought to fund expenditure for Ajaokuta Steel from oil savings, known as the Excess Crude Account, to enable the state to retain the ownership of the steel plant. However, Buhari plans to sell the plant.
"The nation cannot afford to commit such an amount in the midst of competing priorities" and budgetary constraints, Buhari said in a March 19 letter to lawmakers that was read in parliament Tuesday.
According to Buhari, who secured a second four-year term in February, any proposed funding for the steel plant should be sought via the national budget.
